New York, Feb 20, 2019: Of the businesses surveyed, 34 percent of them were using Internet of Things (IoT), according to Vodafone’s latest IoT Barometer.
Surveying 1,758 businesses worldwide, the Barometer found that more than a third of businesses now used IoT, that 70 percent of these adopters had moved beyond pilot stage and 95 percent of adopters were seeing the benefits of investment in this technology as it moved into the mainstream.
While use cases for IoT were varied, ranging from medical exoskeletons to connected tires, the research found that IoT impacted businesses regardless of size and sector. Sixty percent of businesses that use IoT agreed that it had “either completely disrupted their industry or will do so in the next five years.” Eighty-four percent of adopters reported growing confidence in IoT, with 83 percent enlarging the scale of deployments to take advantage of full benefits.
The report also grades businesses in IoT usage by assessing strategy, integration and implementation of IoT deployments. Globally the report found that 53 percent of adopters fell into the top two levels out of five. Regionally, the Americas were the most advanced, with 67 percent of adopters falling into the top two levels, compared to 51 percent in APAC and 46 percent in Europe. This suggests that businesses in the Americas were progressing faster than those in other markets, moving from individual projects to coordinated, strategic programs, the report said.
The most advanced companies also saw the greatest return on investment in IoT. Eighty-seven percent of those in the top level reported significant returns or benefits from IoT, compared to just 17 percent in the “beginner’s” level. These benefits breed increasing reliance on IoT. Seventy-six percent of adopters said IoT was mission-critical.
Stefano Gastaut, CEO IoT, Vodafone Business, commented in a written statement, “IoT is central to business success in an increasingly digitized world, with 72 percent of adopters saying digital transformation is impossible without it. The good news is that IoT platforms make the technology easier to deploy for businesses of all sizes and NB-IoT and 5G will improve services and potential. In this climate, companies need to be considering not if but how they will implement IoT, and they must also be fully committed to the technology to realize the strongest benefit.”
A link to the full report is here.